FHA Streamline Program: Popular When Rates are Falling
For people who are currently in an FHA loan, when the FHA rates drop, the most popular FHA loan program is the FHA streamline refinance. The FHA streamline refinance program allows eligible FHA borrowers to take advantage of lower rates if they are available without requiring that they completely re-qualify for a new loan.
The easiest way to get the best deal on an FHA streamline is to shop multiple lenders. Shopping lenders is easy and free – lenders are able to quote your file with just a little bit of information. Getting the best deal is as simple as getting a quote from multiple lenders and then comparing who has the best deal. Here is a list of lenders who can help you with getting an FHA streamline quote:
FHA Streamline Refinance Rates: Be Sure To Lock
When you qualify for the FHA streamline refinance, you are not guaranteed your rate until you actually lock. Many times throughout the day, FHA streamline refinance rates change, and until you lock – well, your rate may go up or down depending on the market. Most lenders will allow you to lock your FHA streamline refinance rate once the initial documentation has been signed. Some lenders will allow you to lock, but will charge a “loan application” fee or a “loan commitment” fee.
Most lenders will not charge lock fees or application or commitment fees — but they may require that you sign all of the initial FHA disclosures prior to your locking your FHA streamline refinance rate with them.
Save The Most Money Possible – One Simple Trick
There is one simple thing that you can do to save the most money on the FHA streamline program – shop multiple lenders! By shopping multiple lenders, you position yourself to have the best possible deal regarding rates and fees put in front of you. Sure, the big banks offer the FHA streamline program, but they don’t always have the best deal – and as long as you work with an approved FHA lender, you can be sure that the FHA will insure your loan and you can get the lowest rate possible.
Ready for the next step in the FHA streamline process?
Get started by getting a free FHA streamline quote right here!